Bitmine Expands Its Ethereum Holdings

Bitmine Immersion Technologies continues to aggressively grow its Ethereum reserves. Over the past week, the company acquired 76,881 ETH, valued at approximately $136 million.

Following these latest purchases, Bitmine's total Ethereum holdings have reached 5.62 million ETH. This marks another week of significant accumulation, although the scale of buying was lower than the previous week, when the company purchased a record-breaking 126,971 ETH — its largest acquisition of 2026 so far.

The company's ongoing purchases are being financed in part through recently raised capital. Bitmine recently completed a preferred stock offering that generated $274 million. The newly issued shares carry an annual dividend yield of 9.5% and are scheduled to begin trading on the New York Stock Exchange under the ticker symbol BMNP on Tuesday. Dividend payments will be distributed to investors on a weekly basis.

Despite earlier indications that the company might slow down its ETH acquisitions, Bitmine Chairman Thomas Lee argues that Ethereum's current market price does not fully reflect the network's improving fundamentals. As a result, the company has decided to maintain its elevated pace of purchases.

Bitmine is currently the largest publicly focused company dedicated to building Ethereum reserves. In addition to its 5.62 million ETH, the firm holds 204 bitcoins, $502 million in cash and liquid assets, as well as investments in Beast Industries and Eightco Holdings. The combined value of the company's cryptocurrency holdings, cash reserves, and strategic investments is estimated at approximately $10.4 billion.

The company's financing strategy resembles the model used by Strategy (MSTR), which leverages preferred shares and other income-generating financial instruments to fund cryptocurrency acquisitions. However, Bitmine's approach places a stronger emphasis on revenue generated through Ethereum staking.

According to Thomas Lee, the company can currently expect around $219 million in annual staking revenue. These proceeds are intended to provide a steady cash flow that will support dividend payments to preferred shareholders while helping sustain the company's long-term growth strategy.